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A $9.4 billion plan by HSBC to sell a stake in the Chinese insurer Ping An to
Thailand’s richest man was hanging in the balance yesterday, with the
Chinese bank financing the transaction appearing to be on the brink of
pulling out.

The state-run China Development Bank was said to be considering cancelling a
tranche of loans to Charoen Pokphand, a Thai conglomerate with close ties to
Beijing, potentially scuppering the deal, the Caixin financial magazine Century
Weekly reported.